The bank plans to slash 15,000 jobs in order to simplify its organizational structure by 2018.
Over $100bn worth of risk-weighted assets will be identified which will either be restructured or exited. This includes turnaround for the retail and commercial banking business in Korea, exit of non-strategic businesses, improving returns on, or exiting low returning client relationships.
Standard Chartered also intends to invest in its private banking and wealth management businesses, African business.
It is also targeting to achieve 30% of sales and 40% of payments online by 2018 by enhancing retail client systems and digital capability.
Standard Chartered CEO Bill Winters said: "This comprehensive programme of actions will result in a lean, focused and well capitalised international bank, poised for growth across our dynamic and growing markets in Asia, Africa and the Middle East.
"We have an outstanding franchise at the heart of this bank, and we are focused on taking advantage of it."
The bank said that it will adopt a new risk tolerance framework to reduce single-name concentrations and unsecured retail and corporate business, with more active reduction in China, India and commodities exposures.
Standard Chartered is also restructuring its corporate and institutional banking unit, which will reduce its capital-intensive products, as well as risk-weighted assets by $50bn. It plans to focus on retail banking network on large cities that deliver a return on equity of over 10%.
Image: Standard Chartered Bank operates a network of more than 1,200 branches and outlets across the world. Photo: courtesy of Chintunglee / Wikimedia Commons.
